LV= is extending both its payment break and premium and cover reduction options until the end of the year.
The measures are available for a maximum of six months and customers who begin a support option in December can benefit up to mid-2022.
While members are on a payment break their policy and cover remains in place and they can still access services and make a claim in the usual way, in line with the terms and conditions of their policy.
Payment breaks are offered a month at a time with no requirement for premiums to be repaid.
The premium and cover reduction option enables members to cut their monthly premium by decreasing their cover, for a period of six months with LV= automatically increasing the amount of cover back to the original amount, subject to underwriting.
According to LV=, since April 2020 around 350 customers have benefited from either the payment break or the premium and cover reduction, with around nine in 10 retaining their cover once the option ends.
The measures were initially introduced to support existing members with protection policies facing financial difficulties and unable to keep up with premiums due to the effects of the Covid pandemic.
The firm adds that specially trained staff are on hand to talk with members to understand their situation, signpost existing options and services available through their existing policy before considering any payment break or premium and cover reduction.
Commenting further on today’s announcement, Debbie Kennedy, protection director at LV=, (pictured) said: “We were the first to introduce a payment break of this type, and have kept this and our premium reduction option under constant review throughout the pandemic, ensuring wherever possible, that policyholders have access to the support they need and are able to keep their valuable existing cover in place.
“This extension until the end of 2021, with support up to mid-2022, is well-timed and can assist those who are self-employed or currently on furlough, providing an additional safety net and peace of mind beyond the end of September when the government schemes are set to end.”
Since March 2020, the insurer has paid more than £12m in coronavirus claims, assisting more than 1,400 families.